Tagged Questions

9
votes
1answer
202 views

What can I plan for to save money on my mortgage?

I am a first time home buyer and any advice is greatly appreciated. I am going to start shopping soon for getting a mortgage and I need to know what strategies I can use to avoid paying more than is ...
0
votes
1answer
84 views

Does putting my name on my wife's condo mortgage raise my credit score?

Would it be wise for me to put my name on my wife's condo mortgage (which she owned before we met) to raise my own credit score?
3
votes
1answer
97 views

How does paying off one of two mortgages affect my credit score?

As a follow up to Should I pay off investment property mortgage question, if a person has 2 mortgages and decides to use all the savings to pay off one of the mortgages (why give the bank 5%), how ...
4
votes
3answers
148 views

Can I check multiple lenders for mortgage rates, via preapproval, and have it only count as one hard inquiry on my credit?

Note: This applies to the State of New York (the NYC metro area), in the United States. I'm shopping around for mortgage rates. I'm not sure if I have to get a preapproval mortgage to get their ...
6
votes
3answers
125 views

I have an “excellent” credit rating. Do I need to get a preapproval mortgage letter?

I'm in the infancy of buying a residential property. I have a credit rating of EXCELLENT. Do I need to get a preapproval mortgage letter? I thought that getting preapproved would expedite the ...
0
votes
0answers
34 views

Credit score impact of shopping around to get the best home loan? [duplicate]

Possible Duplicate: Multiple mortgage pre-approvals and effects on credit score My wife and I are starting the process of buying our first house. We would like to shop around a bit to get ...
5
votes
1answer
494 views

What if you get pre-approved for a mortgage but don't find a house in the pre-approval timeframe?

If I get pre-approved for a mortgage, that's generally good for 60-90 days, but what if I don't find the right home in that time frame? Another hard-pull on the credit to get pre-approved for ...
4
votes
2answers
2k views

Multiple mortgage pre-approvals and effects on credit score

Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
4
votes
3answers
2k views

Does paying off loans increase or decrease your credit score?

It's a pretty simple question, but I've read a lot of conflicting information on this. From my basic understanding of credit, I know that it's good to have lots of long-standing accounts. That's why ...
3
votes
2answers
95 views

Improving credit score by taking on spouse debt, possible?

My wife and I recently purchased a car, during the process I was shocked to learn my credit score was below average (no debt, healthy credit limit and always paid balances in full, good income) while ...
4
votes
3answers
164 views

How does selling my house affect my credit?

I bought a house 3 years ago. Since then I have made all my payments on time without ever missing a payment. From my understanding, this is good for my credit. I am now selling my house. How will ...
15
votes
11answers
679 views

When should I walk away from my mortgage?

I bought my home in California in 2006, at the height of the boom. Now I owe $100K more than the home is worth. California is a "no recourse" state; if I stop payments, the bank can take the house ...
0
votes
2answers
312 views

Can I save our credit with a quickie divorce?

I bought a house in 2006, at the height of the boom. Now I owe more than $100K what the home is worth, and considering walking away from my mortgage. (I'm in California, which is a "no recourse" ...
8
votes
4answers
183 views

I want to buy a house in a few years, what should I do now to improve my bad credit?

I have bad credit, score is in the mid 500s, and I have been paying off old debt accounts. There are still a few left to pay, but what I want to know is what will raise my credit score, how much can ...
3
votes
1answer
223 views

Does reopening a Chapter 7 bankruptcy to reaffirm a mortgage change the date of discharge for reporting to credit bureaus?

I am considering reopening my Bankruptcy Chapter 7 that was discharged last year for the purpose of reaffirming my mortgage for the purpose of boosting my FICO score by adding a mortgage to my mix of ...
4
votes
2answers
160 views

Should I try to optimize my credit score before applying for a loan?

I am considering shopping for a house somewhere this year, which of course would involve shopping for a mortgage. And mortgage rates depend on the credit score. My credit history is clean from ...